Out-of-court workout holds promise for firms in debt

Legal Tags: Banking, Legislation
Photo by Joe Gratz via Flickr https://flic.kr/p/bkUna
Photo by Joe Gratz via Flickr https://flic.kr/p/bkUna

For the first time in Greek legislation, Law 4469/2017 introduces an integrated procedure of Extrajudicial Debt Settlement for viable entities of commercial status (legal entities and natural persons) with outstanding debts towards both the private and public sector (Greek State, Social Security Funds, Insurance Funds, Financial Institutions, Public Law Entities).

The procedure, known as the out-of-court workout, aims to restructure and adjust the debts of the above entities, taking into account the financial situation and particularities of each one. It also provides the debtor and its creditors with the opportu...

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